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Toronto stocks shoot up 14 per cent
VIRGINIA GALT
Globe and Mail Update
October 14, 2008 at 9:57 AM EDT
NEW YORK — Toronto shares shot up more than 17 per cent minutes after the opening bell, caught up in the euphoria that has lifted global stock markets. But within the first half hour, the benchmark index trimmed its gains to a 13.92 per cent increase, to 10326.93.
“Toronto has some serious catching up to do today, after the biggest rally in New York since 1933, including an 11 per cent pop in the Dow,” the Bank of Montreal said in a research note to clients before markets opened Tuesday.
The TSX closed at 9065.16 Friday, down 16 per cent on the week. The Dow Jones industrial average closed at 9837.61 Monday, up 936.42 points, on news that the United States government planned to stabilize the country's financial system by spending $250-billion (U.S.) to directly buy shares in private banks.
“You'll probably see a pretty big gain on the TSX today,” said Colin Cieszynski, market analyst with CMC markets Canada.
“To give you an idea, the Nikkei, which was also closed yesterday, was up 1,171 points, or 14.1 per cent today, so we could have a pretty big run on the TSX,” Mr. Ciesznski said.
“Obviously, it's hard to say what kind of a point move you could have a day like this because we are still in a pretty volatile time, but that gives you an idea of the potential magnitude.”
The gains were across the board.
Almost immediately, all the major sub-indexes on the TSX shot sharply higher, led by the financials index, which jumped more than 37.25 per cent in opening trading.
U.S. stocks also continued their rally, with the Dow Jones industrial average up 303.78, or 3.27 in opening trading, the Standard & Poor's 500 index up 2.95 per cent and the Nasdaq up a less dramatic 0.53 per cent.
More to come
VIRGINIA GALT
Globe and Mail Update
October 14, 2008 at 9:57 AM EDT
NEW YORK — Toronto shares shot up more than 17 per cent minutes after the opening bell, caught up in the euphoria that has lifted global stock markets. But within the first half hour, the benchmark index trimmed its gains to a 13.92 per cent increase, to 10326.93.
“Toronto has some serious catching up to do today, after the biggest rally in New York since 1933, including an 11 per cent pop in the Dow,” the Bank of Montreal said in a research note to clients before markets opened Tuesday.
The TSX closed at 9065.16 Friday, down 16 per cent on the week. The Dow Jones industrial average closed at 9837.61 Monday, up 936.42 points, on news that the United States government planned to stabilize the country's financial system by spending $250-billion (U.S.) to directly buy shares in private banks.
“You'll probably see a pretty big gain on the TSX today,” said Colin Cieszynski, market analyst with CMC markets Canada.
“To give you an idea, the Nikkei, which was also closed yesterday, was up 1,171 points, or 14.1 per cent today, so we could have a pretty big run on the TSX,” Mr. Ciesznski said.
“Obviously, it's hard to say what kind of a point move you could have a day like this because we are still in a pretty volatile time, but that gives you an idea of the potential magnitude.”
The gains were across the board.
Almost immediately, all the major sub-indexes on the TSX shot sharply higher, led by the financials index, which jumped more than 37.25 per cent in opening trading.
U.S. stocks also continued their rally, with the Dow Jones industrial average up 303.78, or 3.27 in opening trading, the Standard & Poor's 500 index up 2.95 per cent and the Nasdaq up a less dramatic 0.53 per cent.
More to come
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